Italian police seized one million fake Euros

SHAFAQNA(Shia International News Association)- Italian police forces have dismantled a counterfeit money ring suspected of printing millions worth of fake euro bills and coins distributed across Europe and North Africa.

On Wednesday, the police in Naples, the capital of the Italian Campania region, issued an arrest warrant for 56 people in connection with the group.

According to prosecutors, over a period of two years, investigators confiscated 1 million euros ($1.2 million) of fake banknotes along with a printing press for producing high quality fake bills, and a minting press for one-euro and two-euro coins.

The gang’s headquarters was in Naples, which prosecutors believe is the source of 90 percent of all counterfeit money circulated in the world.

Authorities said one suspect distributed fake bills while under house arrest for the same charge.